New structure would keep Randall Stephenson atop company in organization resembling Comcast

AT&T Inc. plans to split the management of its telecom operations and its media assets after clinching a takeover of Time Warner Inc., putting veteran AT&T executive John Stankey in charge of the Time Warner business, according to people familiar with the matter.

The reorganization would create two divisions. One would contain AT&T’s wireless business and its DirecTV satellite television business, the other would comprise the Time Warner assets it plans to acquire, including HBO, Warner Bros. and the Turner...